ATLANTA, GEORGIA (October 5, 2020) – NorthMarq’s Atlanta office, arranged acquisition financing of $11.45 million for Siemens Parkway Office. The 74,440 sq. ft. office property is located at 3617 Parkway Lane in Peachtree Corners, Georgia. The permanent loan was structured with a 5-year interest-only term. NorthMarq arranged preferred equity for the borrower, Peachtree Med Office, LLC through its relationship with a regional bank. This marks the fifth loan closing between the client and the regional bank in 18 months. In addition, NorthMarq originated preferred equity in less than 35 days from initial signing to closing.
The A-rated credit tenant decommissioned three local offices in various locations across North Atlanta into this property on a long term NNN lease. The property was fully renovated to its core structure including new windows, roof, and mechanicals. The 30 year old building is virtually brand new. The occupancy rate in these newly and fully renovated buildings across North Atlanta is 98 percent and in most cases the owner’s basis is 65-75 percent of what it would cost to build brand new.